In Forex trading, it is crucial to remain aware of the risks associated with unlicensed brokers, even in the pursuit of tempting profits. LQDFX emerges as an insidious wolf disguised as a trustworthy brokerage, cunningly deceiving traders through a veil of legitimacy. However, beneath its polished facade, this deceitful entity orchestrates fraudulent practices, leaving unsuspecting traders vulnerable to their schemes. Brace yourself as we delve into the suspicious activities of LQDFX, unraveling the truth beneath its enticing promises.
LQDFX - A Quick Overview:
LQDFX (https://www.lqdfx.com/en), an alleged global brokerage, asserts a wide-reaching presence with 24/5 customer support. They claim to prioritize loyalty and quality, adopting an STP execution model for conflict-free trading. Quick execution, no requotes, and no dealing desk intervention are promised. LQDFX emphasizes the security of segregated customer funds in top-tier European banks and coverage for liquidation or negative balances. They also claim to offer a transparent bonus program and educational resources. However, the credibility of these claims remains unaccredited.
Is LQDFX Regulated?
LQDFX operates as a non-regulated trading platform, despite its enticing offers. The company claims to be operated by LQD LLC, registered under the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA), with registration No. 2444. However, it is essential to note that the SVGFSA lacks the legal authority to issue forex licenses or regulate forex activities. Furthermore, the Financial Conduct Authority (FCA) has flagged LQDFX and included it in its warning list, suspecting the platform of providing financial services or products in the UK without proper authorization.
Clientele Feedback:
Based on client feedback from BrokersView, it is evident that many traders had a negative experience with this platform. Complaints include poor customer service, unresponsive support, and difficulty withdrawing funds. Some users also reported false statistics and feeling robbed. Others encountered issues with demo accounts, experiencing sudden losses and the absence of stop-loss limits. Live chat support proved unhelpful and redirected users elsewhere. Overall, these testimonials strongly discourage trading with this particular broker.
Alarming Complaints and Lack of Credibility Surrounding LQDFX
Numerous complaints have emerged against LQDFX, with reports of denied withdrawals and prolonged delays despite fulfilling all necessary documentation. It raises concerns about the company's trustworthiness and accountability.
Disturbing cases of alleged money theft without valid explanations further erode confidence.
Additionally, the broker's alleged practice of frequent rule changes without notice, compounds traders' frustrations.
The Implications of Prioritizing Unregulated Brokers over Regulated Brokers
The allure of unregulated brokers, including LQDFX, often leads traders into a world of enticing promises. However, the repercussions become evident when funds need more security, customer service needs to be improved, and transparency needs to be present. Regulatory bodies such as FSA, ASIC, and CySEC play a vital role in safeguarding investors and maintaining industry standards. Hence, you should always prefer signing up with regulated entities instead of staking your funds with unregulated concerns.
Bottom Line:
Regarding LQDFX, an unregulated broker with reported withdrawal issues, treading is essential. Remember to consider the significance of BrokersView in helping you choose a reliable and suitable broker. Their valuable insights and user experiences are indispensable for making well-informed decisions and avoiding pitfalls.